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The Dow Jones Industrial Average advanced to new highs on Tuesday, as the market rally continued broadening out beyond big technology names on hopes of forthcoming interest rate cuts.
The 30-stock index vaulted 527.56 points, or 1.3%, to 40,739.28.
The S&P 500 index picked up 17.87 points to 5,649.09.
The NASDAQ faded 11.56 points, off its lows of the morning, to 18,461.01.
Bank of America chugged 5% higher and Morgan Stanley jumped more than 2%, after earnings came in ahead of analyst forecasts. They’re the latest household names to post quarterly financial results as the new reporting season kicks into gear.
AI darling Nvidia and software giant Microsoft each dropped more than 1%.
Retail sales data also came in better than anticipated, which could ease concerns that the consumer was buckling. June sales were unchanged, while economists polled by Dow Jones predicted a decline of 0.4%. Excluding autos, sales rose 0.4%, a larger gain than the 0.1% consensus forecast.
Prices for the 10-year Treasury strengthened, lowering yields to 4.19% from Monday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices dipped 96 cents at $80.95 U.S. a barrel.
Gold prices gained $37.50 to $2,466.40
